Posted 1 year ago on Aug. 20, 2013, 5:54 p.m. EST by LeoYo
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Not Too Big to Jail: Why Eliot Spitzer Is Wall Street's Worst Nightmare
Tuesday, 20 August 2013 09:16 By Ellen Brown, Web of Debt | News Analysis
Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. . . . These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers. . . . [A]s New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. . . .
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye. . . . The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). . . . In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government’s actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules. But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.
Abracadabra, You're a Part-Timer: How Corporate America Used the Great Recession to Turn Good Jobs Into Bad Ones
Tuesday, 20 August 2013 14:17 By Barbara Garson, TomDispatch | News Analysis
Watch closely: I’m about to demystify the sleight-of-hand by which good jobs were transformed into bad jobs, full-time workers with benefits into freelancers with nothing, during the dark days of the Great Recession.
Family Evicted after Mother Killed by Gunman
DENVER (AP) — Federal housing officials are condemning a decision by the Denver Housing Authority to evict the relatives of a mother killed by a rampaging gunman three days after her slaying, saying there is room for compassion in federal law.
Housing and Urban Development spokesman Jerry Brown said Tuesday his agency hopes Denver will reconsider after the victim's mother and autistic son were locked out of their subsidized housing. The personal property of 47-year-old Sandra Roskilly was also seized and turned over to a public administrator.